Audit u/s 44ad required?

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 May 2016 Speculation and intra day loss on shares, futures and options Rs. 15,00,000/-
Speculation and Intra Day Gain on shares, Futures and options Rs. 10,00,000/-
Total Turnover Rs. 25,00,000/-
Net Loss Rs. 5,00,000/-
Whether audit is required u/s 44AD as profit is below 8% of the turnover?

11 May 2016 Yes the same has to be audited under section 44ab

12 May 2016 find out the MOD difference....(giving NO regard to sign i.e. profit or loss). If the said value exceeds the limit, then tax audit will be made applicable




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